Mortgage News

MORTGAGE NEWS

Kodiak Office Closure

The Kodiak office is closing Friday, April 19, at 5 p.m. Mortgage Loan Originator Carrie Morton is relocating to the main office at 100 Calais Drive in Anchorage. She served her Kodiak neighbors for more than 28 years and will still be available for all their home financing needs. Contact Carrie today.


Down Payment and Closing Cost Assistance Grants Available

Residential Mortgage is offering home buyers down payment and closing cost assistance grants through the Federal Home Loan Bank of Des Moines.*

Home$tart
This program is available to qualifying home buyers earning up to 80% of area median income for the location of the residence being purchased. Median income information for Alaska communities can be found on the Department of Housing and Urban Development (HUD) website at www.huduser.org. Income limits are adjusted based on household size.

Home$tart recipients must also:

  • Have one first-time homebuyer on title. Please ask your loan originator who qualifies as a first-time homebuyer.

  • Complete a home buyer education class.

  • Qualify for mortgage financing with Residential Mortgage.

  • All household PFD income and minor non-employed income must be included in the annual income calculations.

Home$tart participants may receive up to $7,500 in grant funds.

Native American Homeownership Initiative (NAHI) 
To qualify for this program, at least one of the adult members of the household being assisted must be an enrolled member of a federally recognized tribe, or a member or shareholder of an Alaska Village or Regional Corporation. In addition, the home buyers can only earn up to 80% of area median income for the location of the residence being purchased. Median income information for Alaska communities can be found on the HUD website. Income limits are adjusted based on household size.

NAHI recipients must also:

  • Complete a home buyer education class if first-time home buyer. 

  • Qualify for mortgage financing with Residential Mortgage. 

  • All household PFD income and minor non-employed income must be included in the annual income calculations.

NAHI participants may receive up to $15,000 in grant funds.

Home$tart and NAHI grants may be used for down payment and closing costs towards the purchase of owner-occupied single-family homes, condominiums and other types of residences. You may also be able to use it to renovate a new residence. The home you purchase must be used for your primary residence.

If your home is purchased with assistance, it’s subject to a five-year deed restriction requiring that you return a portion of the grant if you sell your home within five years. If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the prorate amount owed on your grant will be forgiven. However, if you live in the home for at least five years, you never have to repay the grant.

To see if you qualify, contact us today.
 

*Limited grants available on a first-come, first-served basis.


Fairbanks Office Move

Our main Fairbanks office has moved - one mile southwest of its old location! Starting Monday, February 25, you can now find us at 324 Old Steese Highway. Stop in or call 452-8800 to schedule an appointment to meet with a loan originator there.

You can also find our loan originators inside the Northrim Bank branch at 360 Merhar Avenue and inside Somers & Associates at 711 Gaffney Road.

Find all our office locations on the Branches page .


Considering a Home Purchase or Refinance in Wisconsin?

Let us help you with your home loan from right here in Alaska!

We have added Wisconsin to the growing list of states we can provide home loan services for. The current list now includes Arizona, Colorado, Nevada, Washington and Wisconsin.

Talk to one of our expert loan originators to get started.


Homebuyers to See Higher Loan Limits in 2019!

Qualified buyers in Alaska will be able to take out larger home loans backed by Fannie Mae and Freddie Mac in 2019 thanks to an increase in home prices. The new limits are a 6.9% increase over the 2018 limits.

Loan limits for conventional loans will increase to the following:

  • Single Family House/Condo: $726,525

  • Duplex: $930,300

  • Triplex: $1,124,475

  • Fourplex: $1,397,400

In addition, the Alaska Housing Finance Corporation has increased its loan limits.

  • Single Family House/Condo: $799,177

  • Duplex: $930,300

  • Triplex: $1,124,475

  • Fourplex: $1,397,400

Contact us today for more details.


Residential Mortgage No Longer Charges an Origination Fee

Residential Mortgage no longer charges an origination fee on most of its home loans, lowering out-of-pocket closing costs to qualified homebuyers.*

Instead of paying the customary 1% origination fee, you’ll pay a processing fee and an underwriting fee.

The money you save could be in the thousands, and be used to increase your down payment, set up an emergency fund for those inevitable home repairs, lower debt, or whatever you choose.

Local service, more programs and fewer fees set us apart from other lenders.

For more information, or to pre-qualify, contact us today.

 

*Restrictions may apply. Amount of savings depend on the loan amount. Minimum loan amount to save is $105,000. Not available on AHFC loans.


Refinance Renovation Loans

Are you ready to renovate your outdated kitchen or master bath and increase your home’s value? What about increase the energy efficiency of your home to save you money? All of that is possible with a Refinance Renovation loan from Residential Mortgage.

Below you’ll find some quick facts about the Refinance Renovation loan and its requirements.

  • Available to all Alaska residents.

  • Properties eligible include: owner-occupied single-family residences, duplexes, triplexes, fourplexes, condominium units and Type I manufactured as well as rural non-owner-occupied duplexes, triplexes and fourplexes.

  • Written estimates must be supported by a bid or contract signed by a licensed contractor. Borrowers doing the work themselves must provide evidence of their qualifications to complete the project.

  • Renovations must comply with state laws regarding contractor licensing and minimum construction standards.

  • Both an “as-is” and “as-complete” appraisal is required. Appraisals must clearly discuss the existing property, renovations proposed and include a discussion of materials used. It must also include the estimated market value of the home after the renovations are completed.

  • 50% of the total loan amount, or $75,000, whichever is LESS will be held in escrow. In addition, a 10% contingency is required for cost overruns. Unused escrow funds are applied to the principal. The term of the escrow may not exceed 180 days.

  • Additions are subject to additional requirements.

  • A final inspection is required.

For more information, or to apply for a loan, contact us today.


100% VA Cash-Out Refinance for Qualified Veterans

Qualified veterans are able to refinance up to 100% of your home’s value with a VA Cash-Out home loan.

A VA Cash-Out Refinance loan provides access to cash from the equity you’ve built up in your home – and you’re free to use the money for whatever you want!

  • Remodel your home

  • Pay off high-interest debt

  • Eliminate tuition-related debt

  • Buy a car or boat

Compared to many other kinds of loans, the VA Cash-Out is often your best way to convert your home’s equity into cash because it’s often offered at a lower rate when compared to a conventional cash out loan.*

Low interest rates and high home values make it a great time to tap into your home’s equity for other expenses. Contact us today to find out if you qualify.

 

*Property must be owner occupied. Requires a full appraisal as the loan amount is based upon the current appraised value. Maximum loan amount is different in each state. Ask your loan originator for specifics. Applicants are not required to extract cash. Closing costs and funding fee can be rolled into the entire loan amount. By refinancing an existing loan, total finance charges may be higher over the life of the loan.